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Entrepreneurshipfor researchers
Re@WBC, Kragujevac11° September 2017
Federico Rastelli, I3P
§ Licensing§ Consulting§ Hiring§ Startup creation
Technology transfer occurs through:
Basicresearch
Appliedresearch Productdevelopment Diffusion
Discovery
Invention(demonstrator)
Prototype
Product
BeyondTRL3!
WHAT DO I NEED?
Define abusinessmodel
Frametheinnovation
Develop astrategy
Assemblethe
resources
Doit!
FRAME THE INNOVATION
WHERE ARE WE ALONG THE S CURVE?
WHAT KIND OF TECH STARTUP?
WHAT IS A BUSINESS MODEL?
WHAT IS A BUSINESS MODEL?
“No business plan survives first contactwith customers”
Steve Blank
WHAT IS A BUSINESS MODEL?§ Business model describes how your idea
creates, delivers and captures value.
BUSINESS MODEL INNOVATION
[Source: IBM, CEOs are expanding the innovation horizon: important implications for CIOs]
§ Compound annual growth rate
BUSINESS MODEL INNOVATION
WHY IS IT IMPORTANT FOR STARTUPS?
BUSINESS MODEL INNOVATION
WHY IS IT IMPORTANT FOR COMPANIES?
BUSINESS MODEL INNOVATION
WHY IS IT IMPORTANT?
Approaches to build a business model
Traditionaltech startup
Founders’ product vision
Developproduct
Findcustomers
Lean startup Founders’ product vision
Build Minimum Value
ProductsIterate and
Pivot
Design Thinking
Customerneeds
Build Minimum Value
ProductsIterate and
Pivot
BUSINESS MODEL CANVAS
BUSINESS MODEL CANVAS
INFRASTRUCTURE OFFER CUSTOMERS
FINANCE
BUSINESS MODEL CANVAS
«People don’t want to buy a quarter-inch drill. They wanta quarter-inch hole»
Theodore Levitt
VALUE PROPOSITION
BUSINESS MODEL CANVAS
§ What are you selling and to who? Product or Service?
§ Pain you’re solving?§ Gain you are creating?
§ Speed§ Benefits
VALUE PROPOSITION
New
ness
Customization
Risk reduction
BUSINESS MODEL CANVAS
§ newness§ design§ brand/status§ Convenience/usability
IPOD+ITUNES
BUSINESS MODEL CANVAS
§ Who are your customers?§ Why would they buy/ use your products?§ Put the small pieces together to create an image of what
they might look like§ Purchasing habits§ Geographics§ Demographics
§ Validate your customer segment!§ Find the customer/ product fit
CUSTOMER SEGMENTS
BUSINESS MODEL CANVAS
BUSINESS MODEL CANVAS
§ How do I get my products/ servicsto the customers?
§ Both?
CHANNELS
OLD PARADIGMPhysical storesDoor to door
NEW PARADIGMPhysicalWebMobileCloud…
BUSINESS MODEL CANVAS
CHANNELS
BUSINESS MODEL CANVAS
§ The interaction beween you andthe customer through the channels
§ Relation: personal/automated
§ How do I get customers? (acquisition)
§ How do I keep them? (retention)
§ How can I upsell existing customers
CUSTOMER RELATIONSHIP
BUSINESS MODEL CANVAS
§ Capturing the value «Show me the money»§ For what value is the customer willing to
paying for?§ What is your strategy in capturing value?
§ Direct sales§ Freemium§ Licensing§ Subscription
§ … through which pricing strategy?§ Fixed price§ Volume dependent§ Negotiated…
REVENUE STREAMS
BUSINESS MODEL CANVAS
§ What do you need to get yourbusiness running?
§ Capital/labor intensive§ Which are the assests?
KEY RESOURCES
TANGIBLEManufacturing plantsBuildingsVehiclesSystems…
INTANGIBLEPeoplePatentsCopyrightDatabase
BUSINESS MODEL CANVAS
§ Concentrate on the core:§ (The most important things you need
to do and become expert at to makeyour business model work)§ Production§ Problem solving§ Platform/ Network
KEY ACTIVITIES
BUSINESS MODEL CANVAS
§ Who do you need outside yourbusiness to get the business running?
§ What are you acquiring from them?§ Which activities are they going to perform for
you?§ What can you achieve through them?
§ Economy of scale;§ Reduction of risk/uncertainty§ Acquisition of resources & activities
§ … an extension to allow you to concentrate on your core business to manage your valueproposition
KEY PARTNERSHIP
BUSINESS MODEL CANVAS
§ How much money is going to cost yourunning your business?§ Most expensive activities§ Most expensive resources
§ Approach:§ Cost driven§ Value driven
COST STRUCTURE
CASE STUDY
NESPRESSO
CASE STUDY
§ 1976: Nestlè patentscapsule system
§ 1986: offices divisionfails
§ 1988: Nespresso targets high spending families with home delivery
§ +35% annual growthrate
NESPRESSO
CASE STUDY
NESPRESSO
ESEMPIO
PIZZERIA
ESEMPIO
PIZZERIA
ESEMPIO
??!??!
??!
??!
??! ??!
??!
??!
??!
ESEMPIO
SPOTIFY
BUSINESS MODEL CANVAS
FILLING THE CANVAS
Resourcedriven
Offer driven
Customer driven
Financedriven
BUSINESS MODEL CANVAS
§ When you want to start up a new business:§ from a promising new technology (or any other asset)§ from a need you recognized in a customer group
§ When you want to understand your company: you can use all the canvas or only go in deep in some parts of it (f.e. in a benchmark analysis)
§ When you want to change something in an existing company
DIFFERENT USE CASES FOR THE BM CANVAS
DEVELOPING CUSTOMERS• Get out of your building, talk to customers, collect facts and generate hypothesis• Since customers are conquered 1 by 1, «develop your concept for the few»• Understand the orgchart behind purchasing processes
• Have you understood customers’ problems?• Does your product solve them? How will their «typical day» change?• Have you understood how much will they pay for it?• Have you figured out how actors influence each other during the purchasing process?
FINANCE
RAISE FINANCE
Equity from Business Angels, Accelerators, Venture Capitalists
Publ
ic R
&D
&I f
undi
ng
FINANCE
TYPICAL INVESTMENT ROUND
Type of round
Typicalamount Typical investor
Seedrounds
50k-500kBusiness angels,
accelerators, specialized VCs
«A» rounds 500k-2M Early stage VCs
«B» rounds 5M-30M Late stage VCs
«C» rounds and expansion
capitalWhatever Whatever
FINANCE
INVESTORS SCHEME
VC Fund
Startup 1
Venture Capital Firm(General Partners - GPs)
≈ 5%
Startup 2 Startup n
Investors(Limited Partners – LPs)
≈ 95%
GO!
CHOOSE WHERE
Type of entity Incubator Accelerator Seed
accelerator
Competitionto get in Relatively low High Very high
Duration of program Long (years) Very short
(months) Short
Financing Meet investors Meet investors/ win grants
Seed financeprovided
Involvementin startup
Tutors and mentors
Mostlymentors
Board and part time management
Thank you
rastelli@i3p.it
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